1.GOOGLE : Google employees based in the same office before the pandemic could see different changes in pay if they switch to working from home permanently, with long commuters hit harder, according to a company pay calculator seen by Reuters.
It is an experiment taking place across Silicon Valley, which often sets trends for other large employers.
Facebook and Twitter also cut pay for remote employees who move to less expensive areas, while smaller companies including Reddit and Zillow have shifted to location-agnostic pay models, citing advantages when it comes to hiring, retention and diversity.
Alphabet Inc’s Google stands out in offering employees a calculator that allows them to see the effects of a move. But in practice, some remote employees, especially those who commute from long distances, could experience pay cuts without changing their address.
“Our compensation packages have always been determined by location, and we always pay at the top of the local market based on where an employee works from,” a Google spokesperson said, adding that pay will differ from city to city and state to state.
One Google employee, who asked not to be identified for fear of retaliation, typically commutes to the Seattle office from a nearby county and would likely see their pay cut by about 10% by working from home full-time, according estimates by the company’s Work Location Tool launched in June.
2.AMAZON:- Amazon.com Inc on Tuesday said it would pay customers who suffer injuries or property damage from defective goods others sell on its U.S. platform, in a new policy that could reduce litigation.
For years, consumers have sued the world’s largest online retailer, arguing it is liable when a merchant sells bad products on Amazon.com. A woman in Pennsylvania, for instance, in 2016 sought to blame Amazon for a merchant’s retractable dog leash that blinded her eye when it snapped.
Effective Sept. 1, Amazon will pay valid claims of up to $1,000, which make up more than 80% of injury and damage cases on its platform, at no cost to sellers, and it may step in with more help if sellers are unresponsive, the company said. The policy “better protects Amazon customers and sellers,” it said.
It also announced Amazon Insurance Accelerator, a network of insurance providers that sellers can access if they choose, and an updated policy requiring more merchants to obtain product liability insurance. Amazon itself is not offering this insurance, it said.
3.BIONTECH:- BioNTech stock rose more than 9% Monday as the company said it is developing an updated version of the Covid-19 vaccine that targets the full spike protein of the Delta variant.
The company was back in black in the June quarter as its revenue soared more than 127 times. Total revenue came at 5.30 billion euro ($6.20 billion) compared to 41.7 million euro for the same quarter of 2020. Net profit was 2.78 billion euro compared to a loss of 88.3 million euro for the June quarter of 2020.
The German company and its partner in the Covid vaccine program, Pfizer, anticipate the clinical study of the updated version of their Covid vaccine to begin this month, subject to regulatory approvals. Expenses and profit from the vaccine are split equally between Pfizer and BioNTech. Pfizer was up 1%.
Delta is the fastest spreading of all the mutants to have come out of the original coronavirus. It was first found in India and took thousands of lives there in April-May when the country reeled under its onslaught. The virus is now the most prevalent mutant in many countries. Some of those are now seeing a resurgence in Covid cases.
As governments fight vaccine hesitancy and rush to grab more shots from the select manufacturers, there is now talk of booster shots being needed to protect against the virus.
As of July 21, 2021, BioNTech and Pfizer have shipped approximately 1 billion doses to more than 100 countries or territories around the world.
BioNTech and Pfizer have signed orders of more than 2.2 billion doses for delivery in 2021 and more than 1 billion doses for 2022 and beyond as of the 21st of last month. The company said further discussions for additional dose commitments are ongoing and the order book is expected to grow.
4.UBER:-Uber stock was down 0.6% in Monday’s premarket trading following the company’s decision to raise $1.5 billion in debt via an issue of senior notes.
The paper will be due 2029. At the end of June, net of current portion, Uber had a long-term debt of $7.79 billion.
Uber intends to use the net proceeds from this offering to finance a portion of the consideration payable in cash, and certain related fees and expenses incurred, in connection with the acquisition of Transplace by Uber Freight, a subsidiary of Uber.
In a deal signed last month with TPG Capital, the private equity platform of alternative asset firm TPG, Uber Freight will buy Transplace for approximately $2.25 billion, comprising up to $750 million in common stock of its parent and the remainder in cash.
The acquisition is part of Uber’s efforts to look for revenue streams beyond cab aggregation. The Uber Freight-Transplace combine will create one of the largest managed transportation and logistics networks in the world.
.5.SOFT BANK – SoftBank Group Corp’s Vision Fund unit posted on Tuesday a first-quarter profit of 236 billion yen ($2.14 billion) after gains from listing portfolio companies were offset by falling shares in firms like e-retailer Coupang Inc.
The Japanese conglomerate posted record annual profit in May with executives pointing to further upside from Vision Fund investments such as Chinese ride-hailing firm Didi Global Inc and “Uber for trucks” startup Full Truck Alliance Co Ltd.
The shift has cast a chill on SoftBank’s investing in China, which makes up about a quarter of its funds’ portfolio.
“Until the situation is clearer we want to wait and see,” said SoftBank Chief Executive Masayoshi Son.
“In a year or two I believe new rules will create a new situation.”
While the crackdown has affected returns expectations, “Our broader thesis in China is unchanged: It’s still a large, growing and compelling economic opportunity,” said Navneet Govil, the chief financial officer of Vision Fund.
The turmoil is clouding the outlook for the group, whose shares have slipped a third from two-decade highs in March amid the completion of a record 2.5 trillion yen buyback. Shares closed up 0.9% ahead of earnings.